How much of your retail business revenue should come from online?
This is a big question in 2020.
We have thoughts on this based on our work with over 3,000 small business retailers using our Point of Sale software, many of whom also connect to Shopify, Magento or WooCommerce websites for online sales.
Our advice is that small business retailers should have a goal of 10% of revenue coming from online. That is a starting point goal. Our advice is work hard and do everything possible in pursuit of this goal.
Once you reach the 10% goal, the goal should be 20%. With plenty of majors already at 20%, small businesses need to catch up.
This is urgent.
Yes, you need a good website. However, you need more than that. The site needs to sell what people want. It needs to be easily found. You need to actively and regularly pro mote the site. You need payment options and a sweet shipping offer.
It’s hard work, but critical work if you want to reach the goal of online revenue for your business.
Here at our POS software and web development company we help small business retailers win more online business. We do it though terrific software, which is backed by knowledgable training and support.
A big challenge faces by small business retailers pursuing online sales is that online is not high street. The two beasts are quite different. Whereas in a high street or physical store situation you know who is walking past or stepping inside, online you don’;t have the same insights. You have no idea who might be out there and looking. But, and it is a b I g but … you can find out. There are tools that can help you understand who is out there and what they are looking for.
Sometimes, the best online business is not one that is a copy of your physical shop. This is where research matters.
So, have a goal. We say start with 10% of revenue. Research it and once you have a plan, pursue it relentlessly, while at the same time remaining focussed on your physical shop.
Tower Systems helps in all of these areas.